WINNEBAGO INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WINNEBAGO INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	975	1,547	2,017	1,986	2,356	3,630	4,958	3,491	2,974	2,798
Cost of revenue	863	1,325	1,717	1,678	2,043	2,979	4,028	2,905	2,540	2,433
Gross profit	113	223	300	307	313	650	929	586	434	365
Research and development	4
Selling, general and administrative		97.6	130	142	177	229	316	268	280	286
Selling and marketing	19.8	35.7	49.9
General and administrative	33.2	55.3	78.1
Operating expenses	46.9	97.5	139	152	199	243	346	285	333	308
Operating income	65.7	125	160	155	114	407	584	301	100	57.2
Interest expense	0	16.8	18.2	17.9	37.5	40.4	41.3	20.5	21.1	25.9
Other non-operating income	0.46	0.33	0.49	1.58	0.97	0.5	-27.5	-1	-8	0.8
Pre-tax income	66.2	109	143	139	77.3	368	515	279	38.4	30.1
Income tax	20.7	37.3	40.3	27.1	15.8	85.6	124	63.3	25.4	4.4
Net income	45.5	71.3	102	112	61.4	282	391	216	13	25.7
EBITDA	71.5	132	170	169	130	426	608	348	159	118
EPS, basic	1.69	2.33	3.24	3.55	1.85	8.41	12.03	7.12	0.44	0.91
EPS, diluted	1.68	2.32	3.22	3.52	1.84	8.28	11.84	6.23	0.44	0.91
Shares, basic (weighted)	26.9	30.6	31.6	31.5	33.2	33.5	32.5	30.3	29.2	28.2
Shares, diluted (weighted)	27	30.8	31.8	31.7	33.5	34.1	33	35.4	29.5	28.3
Dividend per share	0.40	0.40	0.40	0.43	0.45	0.66	0.81	1.12	1.27	1.37

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	85.6	35.9	2.34	37.4	293	435	282	310	331	174
Receivables	66.2	125	165	158	221	254	254	179	184	192
Inventory	123	142	195	201	183	341	526	471	439	396
Other current assets	6.3	11.4	9.88	14.1	17.3	29.1	31.7	37.7	35.6	29.8
Total current assets	281	314	372	411	714	1,059	1,094	997	989	792
Property, plant and equipment	55.9	71.6	101	128	175	191	276	327	339	333
Lease right-of-use assets				0	29.5	28.4	41.1	42.6	46.6	41.6
Goodwill	1.23	243	274	275	348	348	484	515	484	484
Intangible assets	0	228	266	256	405	390	472	502	479	457
Other non-current assets	7.73	5.49	10.3	8.14	15	16.6	20.4	20	17.2	19.4
Total assets	391	903	1,052	1,104	1,714	2,063	2,417	2,432	2,384	2,154
Accounts payable	44.1	79.2	81	81.6	132	180	218	147	145	129
Accrued liabilities	6.12	6.5	11.3	13.7	23.7	20.4	48.5	48.5	20.9	23.2
Short-term debt	0	2.85	0	8.89	0			0	59.1	0
Total current liabilities	92.9	167	204	198	300	407	522	396	405	327
Long-term debt	0	272	291	245	513	529	546	592	637	541
Lease liabilities				0	27	26.7	40.4	42	45.6	39.3
Other non-current liabilities	0	1.08	0.25	0.37	12.9	13.6	25.4	8.2	8.5	7
Total liabilities	122	461	517	472	886	1,006	1,154	1,064	1,111	930
Total debt	0	275	291	254	513	529	546	592	637	541
Paid-in capital	32.7	80.4	86.2	91.2	204	218	256	198	194	203
Retained earnings	621	679	769	867	914	1,173	1,538	1,748	1,723	1,710
Treasury stock	-422	-343	-347	-351	-315	-360	-556	-603	-670	-714
Other comprehensive income	11	-1.02	0.89	-0.49	-0.53	-0.49	-0.5	-0.4	-0.4	-0.4
Shareholders' equity	268	442	534	632	828	1,057	1,263	1,368	1,273	1,225
Total equity	268	442	534	632	828	1,057	1,263	1,368	1,273	1,225
Total liabilities and equity	391	903	1,052	1,104	1,714	2,063	2,417	2,432	2,384	2,154
Shares outstanding					51.8	51.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	45.5	71.3	102	112	61.4	282	391	216	13	25.7
Depreciation and amortization	5.75	7.32	9.85	13.7	16	18.2	24.2	46.9	58.6	60.6
Stock-based compensation	3.29	2.98	7.43	7.06	6.48	15.3	17.1	10.9	14.6	15.8
Deferred income tax	2.23	8.36	5.78	7.98	-0.88	-2.2	-6.7	16.3	8.1	2.9
Change in receivables	0.56	-25.1	-37.7	6.42	-25.8	-33	1.9	76.7	-5.2	-8.2
Change in inventory	-11.5	-6.17	-46.4	-8.26	106	-162	-171	63.8	27.2	40.5
Change in payables	11	23.8	-1.28	0.91	37	51.5	27.2	-67.5	-3.9	-11.6
Cash from operations	52.7	97.1	83.3	134	270	237	401	295	144	129
Capital expenditures	-24.6	-14	-28.7	-40.9	-32.4	-44.9	-88	-83.2	-45	-39.4
Acquisitions	0	-392	-81.2	-0.7	-261	0	-228	-87.5	0	0
Cash from investing	-23.4	-405	-112	-38.9	-293	-33	-316	-170	-45.9	-34.8
Stock issued	0
Share buybacks	-3.07	-1.53	-6.48	-8.17	-1.84	-47.6	-214	-55.1	-74.5	-53.7
Dividends paid	-10.9	-12.7	-12.7	-13.7	-14.6	-16.2	-23.8	-33.2	-36.8	-38.9
Cash from financing	-14	259	-5.19	-59.7	278	-62.3	-237	-96.8	-77	-251
Net change in cash	15.3	-49.6	-33.6	35.1	255	142	-152	27.7	21	-157
Free cash flow	28.2	83.1	54.7	92.9	238	192	313	211	98.9	89.5
Interest paid	0	11.9	16.6	14.9	17.3	24.1	23.8	24.2	29	29.5
Income taxes paid	18.4	21.4	26.4	37.1	3.67	88.7	140	57.8	14.4	2.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 30, 2026; growth uses fiscal years. Valuation uses the share price of $27.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.0%	Gross profit / revenue.
Operating margin	2.4%	Operating income / revenue.
EBITDA margin	4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.6%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.3%	Cash from operations / revenue.
Effective tax rate	14.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	3.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-17.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-26.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-42.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-53.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-12.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-25.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-42.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	97.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-59.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-16.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	106.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-57.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-13.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-31.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-34.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-17.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	19.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	24.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.37x	Current assets / current liabilities.
Quick ratio	0.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.7%	Total debt / total assets.
Liabilities / assets	39.4%	Total liabilities / total assets.
Net debt	$385.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.99x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.00x	Operating income / interest expense.
Working capital	$411.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	45.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$309.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.39x	Revenue / average total assets.
Fixed asset turnover	8.87x	Revenue / average property, plant and equipment.
Inventory turnover	5.67x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Receivables turnover	15.2x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	72 days	Days inventory + days sales outstanding - days payables.
FCF conversion	469.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.36	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$99.86	Revenue / diluted weighted shares.
FCF per share	$6.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.31	Cash from operations / diluted weighted shares.
Book value per share	$43.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.90	Tangible book value / shares outstanding.
Cash per share	$2.01	(Cash + short-term investments) / shares outstanding.
Payout ratio	103.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	22.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$767.5M	Share price x shares outstanding.
Enterprise value	$1.15B	Market cap + total debt - cash - short-term investments.
P/E	19.9x	Market cap / net income. Only when net income is positive.
P/S	0.27x	Market cap / revenue.
P/B	0.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.48x	Market cap / tangible book value, when positive.
P/FCF	4.25x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.70x	Market cap / cash from operations, when positive.
EV/Sales	0.41x	Enterprise value / revenue.
EV/EBIT	16.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.95x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.39x	Enterprise value / free cash flow, when both are positive.
FCF yield	23.5%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	5.2%	Dividends paid over the period / market cap.
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.

What was WINNEBAGO INDUSTRIES INC's revenue in fiscal 2025?

WINNEBAGO INDUSTRIES INC reported revenue of $2.80B for fiscal 2025, 5.9% lower than the year before.

Was WINNEBAGO INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $25.7M, a net margin of 0.9%.

How much free cash flow did WINNEBAGO INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $128.9M minus capital expenditures of $39.4M left free cash flow of $89.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to WINNEBAGO INDUSTRIES INC